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Price Action Trading with Indicators! The Freebie System

  • #2,321
  • Edited 10:07am May 15, 2011 9:47am | Edited 10:07am
Quoting ozziedave
The first thing I would point out is the last (3) marked LH would not have been formed when the trade was entered so we would have to make a decision based on other factors. Again, looking at the bigger picture, we had a High (3) on left of chart, then we had a swing down to the next (3) and then price starts to move up to the entry point. Now what I am looking for is a break of the swing from the high (3) to the low (3). I try to look at the last major swings or bigger swings to determine trend direction. In this case we have the H to the L and...
Over the last few weeks, if there has been no break to the up or downside, I have found myself giving greater credence to the longer term number 2 & 3 semafors to identify trend/enter trades, and, rightly or wrongly, being ultra cautious about entering a trade off a number 1 semafor.
  • #2,322
  • May 15, 2011 10:07pm May 15, 2011 10:07pm
Well its the start of a new trading week....just wanted to wish everyone a GREAT week! I will keep checking in each day a few times aday to see how everyone is doing and such.

Thanks
Dredding82
  • #2,323
  • May 16, 2011 1:33am May 16, 2011 1:33am
Quoting Iamfx
If you use this cam lines indy you dont gotta worry about the GMT

Hi

Thanks for this ive loaded it and it does match my other C lines exactly

When you say do not worry about GMT I notice the GMT settings are not there..does this mean any one anywhere with this C ind will display the same levels as every one else ?

Cheers

P
  • #2,324
  • May 16, 2011 2:06am May 16, 2011 2:06am
Anyone else catch this one? Closed first position at +15 pips. Second is at BE looking to close at +20.
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  • #2,325
  • May 16, 2011 7:33am May 16, 2011 7:33am
Gold Chart for today on M5.

I took these trades on my bar chart as firm rejection on pivot. They were confirmed by Dredds method on M5.

These were set and forget and I was around to close first short manually but TSL handled the second short.

Notice these "bounced"

Just missed the current short



ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,326
  • May 16, 2011 7:47am May 16, 2011 7:47am
Pivot on NYMEX had history overnight.

No bounce where I shorted but plenty of history confirming the PA for me and my stop was just above pivot.

Bit too cautious with my TP here

ST
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,327
  • May 16, 2011 7:56am May 16, 2011 7:56am
Quoting Iamfx
If you use this cam lines indy you dont gotta worry about the GMT

thx i put it on my chart and it works great, seems to obey the cam pivots very well
  • #2,328
  • May 16, 2011 7:56am May 16, 2011 7:56am
3 swaps all mid pivot atm

Only 1 trade for me so far UC for +15%

P
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  • #2,329
  • May 16, 2011 8:02am May 16, 2011 8:02am
Quoting Paulus
3 swaps all mid pivot atm

Only 1 trade for me so far UC for +15%

P
i took the exact same trade but only made 2% (risking 1% )

imp point is finally I have the exact same pivots lines plotted on my terminal as you ....... using iamfx's caramilla indicator
  • #2,330
  • May 16, 2011 8:04am May 16, 2011 8:04am
Quoting Paulus
3 swaps all mid pivot atm

Only 1 trade for me so far UC for +15%

P
Paulus do u see a possible short on Gu if it makes a lower high below the pivot line?
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  • #2,331
  • May 16, 2011 8:18am May 16, 2011 8:18am
Quoting fugly
Paulus do u see a possible short on Gu if it makes a lower high below the pivot line?

yes is the simple answer
  • #2,332
  • May 16, 2011 9:06am May 16, 2011 9:06am
short UC

0.9712

TP next pivot down
SL 1 pip abov the brown dot beside my entry
Risk 5%

P
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  • #2,333
  • May 16, 2011 9:18am May 16, 2011 9:18am
This is a great system, and while I do not want to move away from its simplicity I would like to add one thought.

The use of pivots is great - but the same method (ie the HL, HH etc followed by HA candle colour) can be used at points of S/R. I am thinking particularly about Tritan's question re the EU trade from Friday morning. The pullback did appear to be midpoint, but it was actually a bounce off the high of the Tokyo session and off a round number (14250).

As Dreddings said initially, this works off any pivots, fibs or S/R levels.
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  • #2,334
  • May 16, 2011 10:17am May 16, 2011 10:17am
Quoting Delite
This is a great system, and while I do not want to move away from its simplicity I would like to add one thought.

The use of pivots is great - but the same method (ie the HL, HH etc followed by HA candle colour) can be used at points of S/R. I am thinking particularly about Tritan's question re the EU trade from Friday morning. The pullback did appear to be midpoint, but it was actually a bounce off the high of the Tokyo session and off a round number (14250).

As Dreddings said initially, this works off any pivots, fibs or S/R levels.

I would agree if you can identify S&R levels these can be added to your trading tools. If you are unsure stick with the pivots until you garin some experince with them.
  • #2,335
  • May 16, 2011 10:19am May 16, 2011 10:19am
Quoting ozziedave
I would agree if you can identify S&R levels these can be added to your trading tools. If you are unsure stick with the pivots until you garin some experince with them.

Thanks Dave!

You post some terrific charts and analysis - along with Paulus and Deddings - they are much appreciated.
  • #2,336
  • May 16, 2011 10:23am May 16, 2011 10:23am
Here is an AUD long position. We can see that price was in a down trend for most of the day with the big swing from the highest (3) to the lowest (3) being the last major swing down. Price has bounced up nicely creating higher highs and higher lows. Once price broke the last highest peak (green horizontal line) and came up and broke the DPV line I was looking for a long position. If you were paying attention this is the first time all day that price has been above the DPV and once I saw the bounce and rejections of the DPV line ( green arrows) and price started to move north I knew I should get a few pips out of the trade.
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  • #2,337
  • May 16, 2011 10:27am May 16, 2011 10:27am
Yes, I trade off all these levels too.

For safety I like to have my entry stopped to a pivot, 00, 50 or established S&R (with history) as these offer higher probablity. A combination of these will increase the confirnmation and probablity.

If one of the levels fails and another is close I anticipate but do not assume that will give. Close to me is 5-10 pips but you need to have a feel for the market.

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #2,338
  • May 16, 2011 11:06am May 16, 2011 11:06am
Quoting Paulus
short UC

0.9712

TP next pivot down
SL 1 pip abov the brown dot beside my entry
Risk 5%

P
I have taken 5% for GU on a long

The existing entry was very close to the nexy pivot up a couple weeks ago I would of closed and taken just 1 or 2 % as its a justified signal but didnt like the 5% risk for 2 % gain and the subject was posted here

My solution is not to wait for the following pivot but take 5% which is RR 1:1.

My short on UC is still looking ok and Im looking for another downleg in the downtrend to hit my pivot TP



Regards
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  • #2,339
  • May 16, 2011 11:09am May 16, 2011 11:09am
Quoting speedtrip
but you need to have a feel for the market.

ST

That 1 statement frightens the hell out of me .. ......... .............

P
  • #2,340
  • May 16, 2011 12:10pm May 16, 2011 12:10pm
Quoting Paulus
That 1 statement frightens the hell out of me .. ......... .............

P
I shall keep my own council
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